Fall Estate Planning Checklist

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Fall Estate Planning Checklist

November 12, 2020

A well-crafted, up-to-date estate plan will help to protect you and your family. Yet, Forbes reports that nearly half of adults over the age of 55 do not even have a will—let alone a comprehensive estate plan. At The Cawlfield Law Firm, PLLC, we want to make sure that you have an estate plan for the future that effectively protects you and your loved ones. With a few relatively simple steps, you can get the peace and security that you need. Here, our Celina estate planning lawyer offers an estate planning checklist to help get you started.

Your Estate Planning Checklist for the Fall

1. Draft or Review your Last Will and Testament and/or Living Trust

The first step on your fall estate planning checklist is to review your will. If you do not have a will, it is time to draft a will. Every adult can benefit from a clear, professionally-drafted will. You should review your will on a regular basis. You may also want to set up an alternative estate planning vehicle, such as a living trust. Living trusts (and other types of trusts) are an effective estate planning tool for many Texas families. If you have any questions about whether or not a trust is the right option for your family, an experienced Celina trust attorney can help.

2. Make Sure Your Beneficiary Designations are Up to Date

It is imperative that you update your beneficiary designations on a regular basis. Properly assigned beneficiary designations allow for the smooth transferring of assets/property. Do you know who the beneficiaries are on your 401(k) or IRA account? If not, check to make sure. In too many cases, people forget to update their beneficiaries to account for changing circumstances.

3. Review your Power of Attorney (POA) and Health Care Documents

Estate planning is about more than just deciding who gets what. Your estate plan should protect you in the event that you are severely injured, fall ill, or otherwise become incapacitated. Check to confirm that your plan provides adequate protection. Among other estate planning documents, you may want:

A general power of attorney;
A durable power of attorney;
A special power of attorney;
A health care power of attorney; and
A HIPAA Release.

4. Check Your Life Insurance Coverage

Dealing with the loss of a loved one is never easy—especially when it is unexpected. Life insurance is a valuable resource. It will provide your family members with much needed financial support in their time of need. If you have dependents, you can benefit from the protection provided by life insurance. Make sure you review your coverage to ensure it meets your family’s needs.

Schedule a Confidential Consultation With an Estate Planning Attorney in Celina, TX

At The Cawlfield Law Firm, PLLC, our Texas estate planning lawyer is a skilled, trustworthy advocate for people and families. We are here to help you simplify your most important life decisions. Contact us today for a strictly confidential initial consultation. With a legal office in Celina’s historic downtown, we provide estate planning services throughout the region, including in McKinney, Melissa, Denton, Frisco, Allen, Plano, and Richardson.

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